Highlights From “Identifying Alpha & The War On Currency” — VegaX Digital Asset Education Series
This edition of the VegaX Holdings Digital Asset Education Series in Partnership with Chinaccelerator features Mark Yusko, CEO of Morgan Creek Capital Management and Managing Partner of Morgan Creek Digital Assets — helping institutional clients gain diversified exposure to the emerging digital asset class.
Mark provides insight on his interests in investing and digital assets, the war on currency and the history of the monetary system, his advice for new investors, and more.
You can revisit and replay the recording of the webinar series by clicking on the link below.
For a summary of the webinar discussion and the top 3 quotes from Mark Yusko in bold, keep reading!
As always, please reach out to us with questions, comments, and suggestions for topics/speakers for our Digital Asset Education series!
About Mark Yusko, Founder, CEO, and CIO of Morgan Creek Capital Management and Managing Partner of Morgan Creek Digital Assets — a leading digital asset manager for institutions around the world.
Mark founded Morgan Creek in 2004 and currently manages more than $2 billion in assets. Prior to founding Morgan Creek Mark was CIO and Founder of UNC Management Company, the endowment investment office for the University of North Carolina at Chapel Hill. His goal originally was to be an architect and when he decided he didn’t like it, he decided to try being a doctor but couldn’t come up with a good reason for why he wanted to pursue becoming a doctor. Through a series of happenstances, he ended up in investing.
When describing his interests in investing and digital assets, Mark stated,
“We are going through a period of incredible financial natural selection. The world is realizing that we entered a fiat fiasco in 1974 and it’s been downhill ever since. Then the internet revolution led to an abundance of opportunity and an abundance of wealth. Wealth comes from innovation.”
What was your eureka moment when you saw bitcoin or blockchain and realized it was going to be the next big innovation?
“I had exposure early, although I wasn’t there at the very beginning. My aha moment was when I was in an RV outside of Eureka, California when I realized that the triple entry accounting that characterizes blockchain technology is an operating system for the internet of everything. The same thing that the internet did for media and commerce, blockchain is doing for finance and money. What happened with media and commerce due to the internet is going to happen to financial services because of blockchain technology and the invention of bitcoin.”
We are kind of in a war of currencies and war of central banks. What are your thoughts on this?
“We’ve been at war for a long time. In the 1600s, the Rothschilds created the first central bank in the Netherlands. The point of a central bank is to create money. When you create money by fiat, you inflate the value of assets which are owned by the wealthy and you devalue the currency. The more you print with nothing behind it, the less valuable it becomes.
Then this system that started in Europe was adopted by the U.S., and from 1776–1913 one dollar was worth one dollar because there was no concept of inflation. The Federal Reserve was created by JP Morgan and John D. Rockefeller, and John D. Rockefeller’s father-in-law U.S. Senator Aldrich through the Aldrich plan. Many people believe that the Federal Reserve was created for the benefit of the people, but it was actually created for the benefit of Wall Street, the banks, and the wealthiest Americans. Central banks exist to enrich the bankers and are also used to enrich government officials.
Starting in 1913 when the Federal Reserve was created, one dollar through inflation is, now currently, worth 5 cents. That theft of wealth is why we have the greatest wealth and income inequality in the history of mankind. Inflation is simply a wealth tax. If prices rise and your income does not, you are less well off.”
What do you say to someone who doesn’t want to opt-in or hasn’t opted-in yet to bitcoin and cryptocurrencies?
“At some point you don’t have a choice. You can say I’m not going to do ecommerce. To this day there are people that don’t do ecommerce. Ecommerce does save time and it does save money in many cases. So there are interesting and often beneficial things that happen when you take advantage of technological innovation, but you don’t have to.
Countries that try to resist adopting cryptocurrencies and blockchain will be left behind. They will be out-innovated. As a business you have a choice to either adopt innovation or not. Those businesses that have adopted innovation are thriving, and those that have not have already started lagging.
As an individual you can choose to opt-in or not. You don’t have to opt-in with everything. At least for now, fiat is going to exist. Will we all eventually have digital central bank currencies instead of paper currencies and fiat? Yes, 100%. People in South Korea and China live their lives digitally already. They use WeChat and AliPay and other innovations. They don’t actually carry money around.”
What do you say to new investors about bitcoin, cryptocurrencies, and this industry?
“Just buy it. The price of bitcoin does not matter. The daily price of bitcoin is noise. All that matters is that everyone gets a small ownership position in the most valuable network in the history of mankind. Bitcoin is the most valuable monetary network. It’s the fastest network to $1 trillion. What matters is that you own a piece of this network.
As we go from web 2.0 to web 3.0, we have the base layer which is bitcoin, then we have ethereum which is the layer that ties everything together, and the other parts are some of these currencies like Polkadot and Cosmos. Bitcoin and ethereum will definitely be here. Beyond that, should you own some of the DeFi protocols like Aave and Compound? Absolutely.
Stay tuned for the NEXT edition of our Digital Asset Education Series. Learn more about Digital Assets and enhancing returns by joining our newsletter: https://vegaxholdings.com/
As always, please reach out to us with questions, comments, and suggestions for topics/speakers for our Digital Asset Education series! firstname.lastname@example.org
Morgan Creek Capital Management is an SEC registered investment advisor providing investment management services to institutional and qualifying clients such as endowments, pension plans, foundations, and family offices. Morgan Creek provides customized investment solutions to clients in need of a targeted investment program.
Morgan Creek Digital Assets invests in next-generation decentralized and open-sourced asset networks such as Cryptocurrencies, Decentralized Finance, Non-Fungible Tokens, and other liquid networks.
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